Colorado Economy: Gloomy Forecast

By Associated Press&nbsp|&nbsp

Posted: Fri 3:27 PM, Jun 20, 2003&nbsp|&nbsp

Updated: Fri 3:27 PM, Jun 20, 2003

The state economist is offering a gloomy forecast for economic growth in Colorado next year. And he says any kind of turnaround will be slow in coming. Tom Dunn predicts the state's economy will grow just 4.1% percent next year.

That's down from his March forecast of 6.1%. Dunn blames the slow national economy for the change. Dunn also says congressionally-approved tax cuts will cost the state 50 million dollars next year and 90 million over three years because state taxes are based on federal deductions.

He warns Colorado will have to cut spending by up to 206 million dollars for the coming fiscal year to escape chronic budget shortfalls.

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